I can relate so much to this thread, it almost hurts.
Having started playing guitar with 15 I realised too late what I was missing. My dad and my grandpa would always urge me to pick up the instrument, however I was the fool that rather played videogames. Since then, whilst being still in school, I had so much to discover, to catch up to. That included my first band, first live gigging experiences and the somewhat foolish imagination that we'd be the next big hit in the metal scene (in a music-godforsaken country like Austria). However things went the way they always do, spiced up with a good portion of reality. The band split up, I would attempt to form new groups which failed and fell apart more in the short than in the long run and wasted 2 years holding on to my "dream", or better said my imagination.
Now I'm 21, started my studies at university and stoped wasting time, I finally got my life sorted out and it "only" required 2 years. Still I wouldn't change it, may it be wasted time or not, because I needed that period of failure and reflection to realise how things work and to "grow up".
Now I would never ever stop playing guitar or lose my passion for music, however I have set myself some limits and some goals. I have my best friend and bass player who shares the love for music and relates to me better than any musician I have met beforehand. We took his basement apart and build ourselves a rehearsal room, just for the two of us to write music and jam stuff we love. There's an EP planned, but there's no pressure, no time limit and no urged expectation. It's music for the love of music and a spare time filler.
Now I wanted to study music, but I realised that I would never make a living out of it, especially because I lack the motivation (I can be really lazy) and I'm no freak of nature regarding talent. I decided to go for law, and whilst I might not enjoy it as much as I would enjoy trying to keep up with my dream, I know it's the better decision in the long run. Heck it has even made playing more enjoyable, I have to plan my time carefully hence I charish the moments I play the guitar even more now, and having less time means more productive use of it for practising which has also helped me to become a better player.
I don't see it as a bad thing, rather as a mature decision facing the harsh reality our world has become. I will never stop playing, I will put out that dang EP, maybe even an album. But I will need something I can earn my food with and I know the music industry is not the way that's going to work out.
Cheers